OmniVision Favors Short Side Off After Hours Earnings

OmniVision Technologies (NASDAQ:OVTI) is due with its fiscal Q2 results after the bell tonight, and analysts polled by Thomson Reuters are expecting the company to report a profit of $0.32 per share on revenue of $215 million.

OVTI is mixed in its post-earnings share performance, widening its share reaction in the next day's regular session 15 times and narrowing or reversing for 14 events. In one other quarter, the stock ended the after-hours flat and followed that move with a next-day gain.

Looking deeper into the performance data, OVTI has recorded an earnings-driven after hours gain in 14 of the quarters we've tracked. In nine of those quarters, or 64% of the time, OVTI saw its evening advance narrow or reverse direction in the following day's regular session. OVTI has seen an earnings-driven after hours decline in 15 quarters tracked in our database. In nine of those quarters, or 60% of the time, the stock has seen its declines move deeper south in the following day's regular session.

On Aug. 25, 2011, OVTI cratered 25.8% in evening trading after missing Q1 revenue expectations and setting its Q2 outlook below Street estimates. The stock moved deeper in the red the next day, closing the Aug. 26 regular session down 30.4%.

On May 26, 2011, OVTI dropped 5.6% in after-hours trading despite topping Q4 expectations and issuing guidance that straddled the Street view. The stock added to its downside the next day, closing the May 27 regular session off 8.9%.

On Feb. 24, 2011, OVTI leaped 13.2% in night trading after posting better-than-expected results and guidance. The stock soared the following day, closing the Feb. 25 regular session up a hefty 31.7%.

On May 27, 2010, OVTI gained 7.9% in evening trading after reporting better-than-expected results and guidance. The stock cut its upside the following day, ending the May 28 regular session with a 5.8% gain.

On Aug. 27, 2009, OVTI charged 14.3% higher in after-hours trading after reporting better-than-expected results and guidance. The stock saw its gains draw back a bit the next day, ending the Aug. 28 regular session up 12.2%.

On May 28, 2009, OVTI advanced 6.3% in after-hours trading after posting better-than-expected results and guidance. The stock firmed higher in the May 29 regular session, ending up 7.6%.

On Feb. 26, 2009, the stock dropped 17.4% after a Q3 miss and guiding for Q4 results below the Street view. The loss was trimmed considerably and shares closed down 4.3% the next day.

On Dec. 2, 2008, the stock tumbled 12.9% during the after-hours session after OVTI issued mixed Q2 results but guided for Q3 below the Street view. The share decline was reduced to 9.5% the next day.

On Aug. 28, 2008, the stock was flat in the evening session after reporting earnings below year-ago results and guiding below the Street view. The stock gained 7.7% the next day.

On May 29, 2008, OVTI declined 7.7% in after-hours trading after missing Street estimates and setting mixed guidance. It narrowed the downside the next day, closing the May 30 regular session down 2%.

On Feb. 28, 2008, the stock gained 8.3% during evening trading after OVTI beat with Q3 earnings. The gain swelled to 13.4% the next day.

On Nov. 29, 2007, OVTI advanced 7.4% in after-hours trading after beating Q2 expectations and guiding above the Street. It recorded a sharp reversal the next day, losing 1.4% by the close on Nov. 30.

On Aug. 30, 2007, the stock jumped 10.9% after blowing past expectations and setting guidance. The gain was pared to 4.8% the next day.

On May 31, 2007, the stock gained 9% in extended-hours trading after beating with Q4 results and guiding higher. Shares reversed to close down 6.8% the next day.

On March 1, 2007, OVTI slid 5.4% in evening activity when the company missed Q3 sales estimates and issued guidance that was below Street views. Shares tumbled further the next day, ending the regular session down 7.2%.

On Nov. 30, 2006, shares fell 6.4% in the night trading session after the company missed with its latest results and guided lower. Shares tanked 16.4% the next day.

On the evening of Aug. 31, 2006, shares fell 5.3% after the company missed the Street view and guided lower. The loss fattened to 7.2% the next day.

On June 15, 2006, the stock crept up 0.4% in the after-hours session after beating with Q4 results and guiding in line for Q1. The stock dropped a sharp 12.5% the next day.

On March 1, 2006, OVTI slid 11.1% in after-hours trading after it beat expectations but set its guidance mostly in line to lower than estimates. For Q4, the company said it sees revenue in the range of $120 to $130 million and EPS of $0.35 to $0.40 per share, vs. the then-Street view of $127 million in revenue and EPS of $0.39 per share. The downside expanded slightly the next day, with the stock losing 11.8%.

On October 1, 2005, OVTI jumped 16% in after hours when the company topped Q2 expectations and guided Q3 above Street views. The shares expanded their gains the next day, ending the regular session up 18.1%.

On Aug. 25, 2005 OVTI rocketed 16.2% higher in evening trading after the company missed on EPS, beat on sales, and set a strong outlook. It held to the plus side on Aug. 26, but saw a good chunk of those after-hours gains disappear as it ended the regular session up 9.7%.

On June 23, 2005, OVTI fell 3.8% after hours after missing Q4 EPS expectations and guiding Q1 EPS below the Street. It lost marginally more ground in the June 24 regular session, closing down 3.9%.

OVTI declined 7.7% the night of Feb. 28, 2005, after the company beat Q3 estimates and guided for higher Q4 EPS, but set a sales outlook that could miss the current analyst view. The stock added to its downside momentum on March 1, losing a far more aggressive 15.7% between the bells.

On Nov. 30, 2004, OVTI added 11.2% in after-hours trading after the company beat EPS estimates, came in shy on revenue, and guided its forward outlook in line. The stock cut its upside the next day, closing out the Dec. 1 bell-to-bell session up 8.8%.

On Aug. 24, 2004, OVTI slid 8.4% in after-hours trading after it beat expectations but set guidance below the Street view. It closed the Aug. 25 regular session down 3.1%.

On June 23, 2004, OVTI jumped 13.9% in night trading following missed revenue expectations but upwardly revised prior results. It closed the next day up a more modest 7.1%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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